The company earned $36.1 million, or 40 cents a share, in the quarter, compared with $35.9 million, or 40 cents a share, a year ago. Second-quarter results includes about penny a share of pre-tax incremental stock-based compensation. Analysts polled by Thomson First Call were expecting earnings of 43 cents a share.

Second-quarter revenue rose 11.9% from a year ago to $275.9 million.

The company expects to earn $1.47 a share to $1.55 a share in the year 2006. Analysts expect earnings of $1.53 a share for the full year.

Second-quarter operating income fell 2.9% from a year ago to $63.4 million and operating margin declined 351 basis points to 23%.

By segment, second-quarter revenue from auction services group rose 11.9% from a year ago to $239.7 million and revenue from dealer services group rose 12.4% to $36.2 million.

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